4 Part 2 of 4 On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,780 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. 1.66 points Skipped eBook Hint Print References Cash $ 8,990 Accounts receivable Office supplies 16,540 3,930 Rent expense Office equipment 18,660 Cash dividends Consulting revenue Salaries expense Land 45,980 Telephone expense Accounts payable 9,170 Miscellaneous expenses Common stock 84,780 $ 2,830 16,540 4,300 7,740 850 670 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. ERNST CONSULTING Statement of Retained Earning Retained earnings, December 1 $ 0 0 $ 0